Thursday, October 21, 2021

Bitcoin Price Is On Its Way to $20K After Hitting $12K a Month Early

Bitcoin Price Is On Its Way to $20K After Hitting $12K a Month Early

A $12,000 USD bitcoin price is fast approaching, much earlier than we expected. So now, we’re upping our 2018 forecast to $20,000. Strap yourselves in, it’s going to be a wild ride.

Also read: Coinbase Brings New President Asiff Hirji Onboard

Bitcoin Price Technical Analysis

Long-Term Analysis

bitcoin price technical analysis

After some brief sideways action, the bitcoin price broke to the up side, reaching $12,000 where a flag pattern should form. If that pattern confirms, the next technical objective will emerge at $20,000.

The present rally has attracted multimedia coverage, bringing new investors, speculators and traders into the market. These new participants engage in profit-taking, while veteran holders maintain their distribution strategies. This contrast of strategies pushes the bitcoin price into a sideways pattern, from which the markets can consolidate and rally to higher levels.

Mid-Term Analysis

bitcoin price technical analysis

A global increase in bitcoin demand has driven the price to $12,000, where an expected flag formation could allow a new upward rally.

Two weeks ago, Gann Angles Theory reflected the possibility of a huge rally, which is currently taking place. The rally will grow even stronger if a sideways market emerges near $12,000, confirming the flag pattern.

From there, the bitcoin price should rise even further. Prices are rising faster than usual as well, due to the markets achieving the $12,000 milestone a month earlier than expected. Therefore, $20,000 is a very realistic possibility as we head into 2018.

Short-Term Analysis

bitcoin price technical analysis

Japanese Candlestick Analysis reflects an evening star distribution signal, but the trend still strong enough to sustain the current prices with a lateral sideways market instead of falling back to the $10,000 support.

According to prevailing mathematical indicators, volatility and demand are increasing, which can push the ongoing rally even further as mainstream financial institutions begin moving into the bitcoin market.

If they succeed in staking a claim, the bitcoin price will double yet again.

What do you think will happen to the bitcoin price? Share your predictions in the comments section. 

Image via Pixabay

This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.

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